Novo Resources - NSRPF STOCK NEWS

Highlights

• Liatam Mining has announced a 2023 exploration program at the Quartz Hill project in Western Australia.
• An aggressive A$4 million budget has been approved to focus on systematic exploration, demonstrating commitment to the project.

Mike Spreadborough, Novo's Executive Co-Chairman, stated that this budget supports their strategy of collaborating with reliable partners. Novo retains a 20% interest in the project, complementing its gold and silver portfolios. The Quartz Hill area spans approximately 615 sq km and is promising for lithium–caesium–tantalum mineralization. Exploration activities include soil sampling and geological mapping, with drilling expected to commence in Q4 2023.

Novo Resources Corp. has announced an update on its 2022 drilling program at the Egina Gold Camp, specifically the Becher Area, anticipating further drilling in Q2 2023. Significant findings include three key targets: Irvine, Whillans, and Heckmair, with peak aircore drilling results showing up to 8 m at 2.15 g/t Au at Irvine. The program covered 1,413 holes totaling 31,824 m, revealing gold and associated pathfinder elements. The follow-up drilling will focus on these areas while additional results are pending. Executive Mike Spreadborough expressed optimism about the findings and potential of the Egina Gold Camp.

Novo Resources Corp. (OTCQX: NSRPF) has announced successful results from its new basin-wide exploration strategy in the Mosquito Creek Basin (MCB) in Western Australia. The exploration has identified promising high-priority targets at Finucane and Sayshell, with gold assays reaching up to 907 ppb. Surface rock sampling at Sayshell yielded impressive results of 66.6 g/t and 26.5 g/t gold, with over 240 grams recovered from surface nuggets. Plans for 2023 include aircore drilling at these sites. The new strategy aims to explore under-researched areas, estimating the potential to host more than 100 koz gold, enhancing the company’s exploration portfolio.

Novo Resources Corp. has received approval from the Australian Foreign Investment Review Board for its binding term sheet with the Creasy Group. The company issued 8,431 shares to the Creasy Group in exchange for a 100% interest in mining lease 45/202 and a 70% interest in mining lease 45/1163, consolidating its Bamboo Creek and Strattons Project areas in the Pilbara region. The Creasy Group now holds 5.2% of Novo's outstanding shares. Initial exploration work was conducted in late 2022, with results pending. The projects are prospective for orogenic gold, silver, and base metal mineralization.

Novo Resources Corp. (OTCQX: NSRPF) has withdrawn its appeal against the Western Australia Environmental Protection Authority's decision related to its Phase Two Fresh operations at the Beatons Creek project. This proposal will now undergo assessment by the Western Australian Department of Mines, Industry Regulation and Safety. Novo is engaged in exploring and developing a 10,500 square kilometer area in the Pilbara region, focusing on the Beatons Creek gold project and other joint ventures in Victoria.

Novo Resources Corp. (OTC: NSRPF) announced that the GDXJ VanEck Junior Gold Miners ETF liquidated its entire 3.8% stake, approximately 9.6 million shares, on December 16, 2022. This coincided with a notable trading volume of 16.3 million shares. Despite this setback, Novo remains optimistic about the future, emphasizing its exploration-driven growth strategy in the Pilbara and Victoria regions. The company is poised to explore new targets and has welcomed Liatam Mining Pty Ltd as a significant shareholder with a C$5 million investment.

Novo Resources Corp. (OTCQX: NSRPF) has filed a technical report pursuant to NI 43-101 concerning its Beatons Creek gold project in Western Australia. This report, effective June 30, 2022, and issued on December 16, 2022, was authored by qualified professionals. It is available for review on SEDAR and the company's website. Novo continues to explore its extensive land package in the Pilbara region, aiming to enhance stakeholder value through geological expertise.

Diamond drilling at NRV06 intersected extensive zones of disseminated Ni and Cu sulphides, with preliminary assays indicating up to 0.95% Ni and 0.25% Cu. At Morto Lago, notable intercepts include: 3 m @ 3.35 g/t Au, 4 m @ 6.74 g/t Au, and 5 m @ 1.73 g/t Au. Drill results from the Milburn anomaly yielded significant Cu, Ni, and Co assays, providing optimism for future exploration in the Karratha District. Novo Resources is committed to ongoing drilling and downhole EM surveys to enhance its exploration strategy, reinforcing its position in the Pilbara region.

Novo Resources Corp. (OTC: NSRPF) faces challenges in 2022 due to supply chain issues and inflation affecting the mining industry. Operations at the Nullagine gold project are on care and maintenance pending approvals. Despite market volatility, the company secured C$125.9 million from selling shares in New Found Gold Corp., eliminating debt and bolstering a cash balance of C$52 million. Plans for 2023 involve aggressive exploration in Western Australia, including promising targets at Becher and Nunyerry North. Novo remains focused on ESG objectives and responsible operations.